Skills Development Act, 1998 (Act No. 97 of 1998)ConstitutionsConstitution of the Bank Sector Education and Training Authority (BANKSETA)6. Legal Personality |
| 6.1 | The Authority must, as soon as possible after the appointment of its members, adopt this constitution. |
| 6.2 | The Authority is: |
| 6.2.1 | a juristic person with an identity and existence distinct from its Council Members or office-bearers; |
| 6.2.2 | an institution of public character established under Section 9 of the Act; |
| 6.2.3 | has perpetual succession notwithstanding changes in its Membership or office-bearers; |
| 6.2.4 | has the capacity to acquire rights and obligations and to sue and be sued in its own name; and |
| 6.2.5 | is at all times subject to the provisions of the Act. |
| 6.3 | The income and funding of the Authority shall be applied solely towards the promotion of its functions and objectives as described herein, and no portion thereof shall be paid or transferred, directly or indirectly, to any Council member, holding company or subsidiary except as provided for in the Act : Provided that nothing herein contained shall prevent the payment in good faith of reasonable remuneration to any servant or officer of the Authority or Council thereof in return for services actually rendered to or on behalf of the Authority in terms of this constitution. |
| 6.4 | The Authority's rights and obligations are independent of its Council members and office-bearers, and in particular, ownership of all funds and assets shall vest in the Authority. The Council members and office-bearers shall have no rights in the property or other assets of the Authority solely by virtue of their being Council members or office-bearers. |
| 6.5 | The Authority has all such powers as are necessary to enable it to perform its duties as conferred on it by this constitution, the Act or the Skills Development Levies Act, and as more fully set out in the clause 13 headed "Powers of the Authority and Council". |